PN Vijay view on Kanoria Chemicals

Kanoria Chemicals is a balance sheet play, says PN Vijay, Portfolio Manager.

Vijay told CNBC-TV18, "Kanoria is a balance sheet play. A few weeks ago they sold their Renukoot plant. They got 12 times EBITDA on that. They pocketed something like Rs 830 crore on that. Having done that, the management has said it plans to repay all its working capital debts. It wants to prematurely repay its FCCB and still have about Rs 375-400 crore in its pocket.